Section 56 (2) clause viia

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CA. Prakash Patidar (Querist)
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11 October 2010 please tell me that the land ( Immovable Peoperty) doanted without any consideration by the one of the partner to the firm for construction of Building is coverd under sec. 56 (2) or not. what will be the tax implication of that transaction.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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26 October 2010 56(2) is applicable only in case of money given in gift or donation.

Since this is not a transferu/s 47(iii), capital gain will not be applicable.